Cost Between Renting and Owning Narrows

The cost difference between buying and renting is as narrow as it has been since 1993, according to a study on homeownership by Marcus & Millichap Real Estate Investment Services for the Associated Press.

The study examined rent and home prices in 45 metropolitan areas and concluded that gap between a payment on a median-priced home and median rent on a similar property is on average only $256.

Marcus & Millichap calculated the number using median home prices for the last three months of 2009, assuming a 10 percent down payment on a 30-year fixed-rate loan at 5.07 percent. It factored in mortgage insurance, but didn’t include either repair costs or tax benefits.

The difference is narrowest in such hard-hit markets as Detroit, Las Vegas, Atlanta, Cleveland, Indianapolis, and Orlando.

Renting remains significantly cheaper in New York, Los Angeles, Seattle, San Diego, San Francisco, and San Jose, Calif.

Source: Associated Press (04/19/2010)

Google Maps Real Estate Search

If you love using Google maps to find your routes and destinations, you'll love its newest feature to search Real Estate listings. Not only can you search homes for sale, but also rentals and foreclosures.

According to the Google Blog:

We've also added the ability to search for rental listings in the US. You can now find places for rent in New York or one bedrooms in San Francisco for rent simply by turning on the Real Estate layer via the 'More' button and selecting some refinements.

You'll also notice that Google Maps is now showing even more information about an area as you pan around and zoom in. There are small icons on the map showing the names and location of businesses and prominent features of the neighborhood. This means that during your property search, you'll be able to tell at a glance just exactly what shops can be found down the road from where you're looking, all without typing!

You can now find real estate in cities and towns across the US, Australia, New Zealand and India.

Of course, these aren't the only resources available for your new home search. You can use Street View on Google Maps to check out the neighborhood before driving to an open house; use driving directions to find out exactly how to get there; and transit information to work out what your new commute might be if you went ahead and moved house.

Also, if you're in the real estate industry and want to provide listings to be seen in Google Maps, it's really easy to get started.

So here's how to search for real estate listings. On the search bar, to the right, you'll see a link to "show more options". Click that and select Real Estate. Now search a state, city, or street and it will show you listings in that area. pretty cool tool with lots of options to narrow your search from there. Have fun!

I pulled up one of my listings using the tool. Check it out.

The Social Media Revolution

You've probably seen this video already circling around the net. It's a shocking look at how social media has grown over the years and doesn't appear to be slowing down any.

Get your credit in shape first

If you are considering purchasing a home, you might want to begin by taking a look at your credit. While you don’t need perfect credit, it’s a smart idea to find out what’s on your credit report before applying for a loan. The Fair and Accurate Credit Transactions (FACT) Act of 2003 made it possible for consumers to access free copies of their credit report.

You can request one free credit report every 12 months from each of the three major consumer credit reporting agencies: Equifax, Experian and TransUnion. You might consider requesting a copy from each, as you may come across inaccuracies. If you find errors, you can try to resolve them before contacting a mortgage lender. If you come across legitimate blemishes, you may want to take steps to improve your credit rating before applying for a home loan. Even if you aren’t looking to buy a home soon, you might consider taking advantage of this free look at your credit report.

-From the Texas Association of Realtors.

A $68,000 credit on a home?

From TexasRealEstate.com

No, it’s no joke. As a first-time homebuyer with a moderate income, you may be able to save $68,000 on a home. That’s $8,000 on the purchase and $60,000 over the life of a 30-year loan. Let that sink in for a minute, but not too long, because there’s a deadline to beat.
Read the complete article by MARTY KRAMER, Consumer columnist

Congress Unlikely to Consider Tax Measures, Including Tax Credit, Until October

From the National Association of Realtors - Washington Report:

The health reform efforts in both the House and Senate will completely dominate the agenda in both tax-writing committees throughout July. Accordingly, their leaders have announced that they will not take up expiring provisions, including the first-time homebuyer tax credit, until they have disposed of the health reform legislation. Thus, extension and possible expansion of the $8000 tax credit are unlikely to be considered until about October. NAR encourages its members to complete pending transactions as soon as possible because of the potential for uncertainty as the December 1 expiration date approaches.

In Depth: 2009 First-Time Home Buyer Tax Credit

USING THE FIRST-TIME HOME BUYER TAX CREDIT AS A DOWN PAYMENT ON A FHA-INSURED MORTGAGE

Full PDF Flyer Here.